Only 28% of US homes now affordable for typical American household as buying power drops

Fewer than 30% of homes on the U.S. housing market are affordable for the average household as borrowing rates remain a critical barrier, according to a Realtor.com report.As of August, only 28% of homes on the market were priced within reach of the typical household, with the maximum affordable home price for a median-income household falling to $298,000. In 2019, that figure was $325,000, according to the real estate firm's Buying Power Report. This means buying power is down by nearly $30,000 nationally since 2019, even though the median income rose by 15.7%. Higher mortgage rates are large